Bitcoin is back in a fragile position following another gruelling rejection from the $10,450 level of resistance on Tuesday.
At the time of writing it was trading at around $9,500 having bounced significantly since Tuesday’s move to the downside.
Price slumped to as low as $8,600 on derivatives exchanges like BitMEX while the price on spot exchanges like Coinbase and Bitstamp remained more stable above $9,000.
The sell-off will have been a bitter blow to Bitcoin bulls who believed once the psychological level of $10,000 had been broken it would trigger continuation to the upside.
However, it seems as though in the short term Bitcoin simply didn’t have enough momentum to break above the $10,450 level, which was also the point of failure in February before March’s dramatic plunge to $3,800.
While higher time frames continue to look bullish for Bitcoin in light of the recent halving event and the daily golden cross, lower time frames look like it wants to test lower levels before cycling back to the upside.
A key level of support remains at $8,600 but if that breaks it could move very quickly to as low as $7,100 as leveraged long positions would be liquidated below around $8,340.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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